External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>The noodles segment remained the largest revenue contributor in 1Q25, generating IDR14.5 tn (+1.5% YoY), accounting for 71.9% of total turnover in 1Q25.</li><li>Domestic sales in 1Q25 were relatively flat at +0.5% YoY, reaching IDR14.7 tn (vs IDR14.6 tn in 1Q24), supported by volume growth and an ASP increase of ~3% YoY (IDR100/pack) implemented in mid Feb-25.</li><li>Meanwhile, overseas sales in 1Q25 grew +3.6% YoY to IDR5.5 tn (vs IDR5.3 tn in 1Q24), driven by a volume increase in 1Q25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The noodles segment remained the largest revenue contributor in 1Q25, generating IDR14.5 tn (+1.5% YoY), accounting for 71.9% of total turnover in 1Q25.Domestic sales in 1Q25 were relatively flat at +0.5% YoY, reaching IDR14.7 tn (vs IDR14.6 tn in 1Q24), supported by volume growth and an ASP increase of ~3% YoY (IDR100/pack) implemented in mid Feb-25.Meanwhile, overseas sales in 1Q25 grew +3.6% YoY to IDR5.5 tn (vs IDR5.3 tn in 1Q24), driven by a volume increase in 1Q25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICBP IJ - Resilient Earnings Amid Mixed Volume Trends in 1Q25

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>We estimate FY25 vol growth of 5.3% yoy, supported by resilient demand for ICBP’s products amidst challenges in purchasing power.</li><li>We project FY25F core/net profit growth of 4.8%/47% yoy. Given our expectation of Rupiah depreciation, we trim our FY25F net profit by 9%.</li><li>Maintain Buy rating with an unchanged DCF-based TP of Rp14,000 on ICBP’s resilient earnings profile.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We estimate FY25 vol growth of 5.3% yoy, supported by resilient demand for ICBP’s products amidst challenges in purchasing power.We project FY25F core/net profit growth of 4.8%/47% yoy. Given our expectation of Rupiah depreciation, we trim our FY25F net profit by 9%.Maintain Buy rating with an unchanged DCF-based TP of Rp14,000 on ICBP’s resilient earnings profile.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indofood CBP Sukses Makmur (ICBP.IJ) Resilient Product Demand to Cushion Against Rupiah Risk

Thematic (Sector/Industry)

<ul><li>We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.</li><li>We project sector’s rev. growth of +5.7% yoy in FY26F (vs. +4.2% FY25F), with margin relief and efficiencies driving +6% increase in core profit.</li><li>Maintain our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.We project sector’s rev. growth of +5.7% yoy in FY26F (vs. +4.2% FY25F), with margin relief and efficiencies driving +6% increase in core profit.Maintain our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption

<ul><li>We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.</li><li>Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the space.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We estimate 3Q25/ 9M25 sector rev. growth of +2.8/+2.9% yoy, in line with ours’ and consensus’ est.Opex savings esp. on A&amp;P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp12,000) remains the top pick in the space.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Macroeconomics

<ul><li>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

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Indofood CBP Sukses (ICBP IJ)

ICBP IJ - Resilient Earnings Amid Mixed Volume Trends in 1Q25

The noodles segment remained the largest revenue contributor in 1Q25, generating IDR14.5 tn (+1.5% YoY), accounting for 71.9% of total turnover in...

MNC Sekuritas

Indofood CBP Sukses Makmur (ICBP.IJ) Resilient Product Demand to Cushion Against Rupiah Risk

We estimate FY25 vol growth of 5.3% yoy, supported by resilient demand for ICBP’s products amidst challenges in purchasing power.

BRI Danareksa Research

Consumer: FY26 Outlook: Fiscal Acceleration and Potentially Higher Wage Hikes to Support Consumption

We expect FY26 purchasing power to improve gradually on expansionary fiscal measures, stronger social assistance and higher min. wages.

BRI Danareksa Research

Consumer: 3Q25 Preview: Navigating Modest Revenue Growth Through Cost Discipline (OVERWEIGHT)

Opex savings esp. on A&P exp. may help to partially cushion op. profit decline (9M25E: -1.3% yoy) and core profit growth of +3.7% yoy in 9M25E.

BRI Danareksa Research

Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco

We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.

BRI Danareksa Research

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